Transcorp Hotels has disclosed that it had an average occupancy rate of 81 per cent in 2023.
In addition to the occupancy rate, Transcorp Hotels saw its
profits soar by 105 per cent, increasing from N4.6bn in 2022 to N9.5bn in 2023.
In a statement, the firm noted that the significant profit
growth reflected its successful strategies in enhancing guest experiences and
optimising operational efficiencies across its properties.
Transnational Corporation (Transcorp Group) is one of
Africa’s leading, listed conglomerates, with strategic investments in the
power, hospitality, and energy sectors, driven by its mission to improve lives
and transform Africa.
The group’s total assets saw a 20 per cent increase, rising
from N422.7bn in 2022 to N529.9bn.
The performance was attributed to the results from its
subsidiaries, including Transcorp Hotels, Transcorp Power, Transafam Power, and
Transcorp Energy.
It added that the power subsidiaries delivered a notable 63
per cent increase in profit, jumping from N17.7bn to N28.9bn in 2023.
“Transcorp Group confirmed excellent year-on-year growth:
the Group’s total assets grew by 20 per cent increase, up from N422.7bn in 2022
to N529.9bn in 2023, PBT grew from N30.3bn in 2022 to N58.8bn in 2023, and PAT
for the Group increased from N16.8bn to N32.5bn. This performance was due to the strong
results across its subsidiaries:
Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and
Transcorp Energy Ltd.
“The group’s hospitality business achieved record average
occupancy of 81 per cent, with profit increasing by 105 per cent from N4.6bn in
the previous year to N9.5bn in 2023; while revenue grew by 36 per cent from
N30.4bn in 2022 to N41.5bn,” it stated.
The President of Transcorp Group, Owen Omogiafo, highlighted
the group’s plans for future growth, including opening a new 5,000-capacity
event centre at the Transcorp Hilton Abuja and efforts to boost power
generation capacity.
He added that shareholders also approved a dividend of 10
kobo per share, marking the 10th consecutive year of dividend payments.
Commenting on the company’s growth the Transcorp Hotels’ Chairman, Tony Elumelu,
stated, “Transcorp Group has not only recorded unprecedented growth, but the
Group has also demonstrated its potential to deliver much more value to
stakeholders and our country. ”
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